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When it comes to marketing metrics, it's wise to remember they aren't all created equal. Often fooled into focusing on certain metrics, many marketers struggle to identify which tools or tactics are helping them achieve their business goals. However, if you focus on the right metrics, you just may reach or even surpass your goals. With that in mind, here is a list of metrics every marketer should be tracking and why.
One of the top metrics you should be tracking is customer acquisition costs (CAC). This is because it typically takes much more money to gain a new customer than it does to keep an existing one. So you cannot truly calculate your profits and revenue without factoring in the customer acquisition costs. If you have a relatively low customer acquisition cost, you can also use the CAC metric to impress potential and existing investors.
While social media can be a godsend for some businesses, it can also be a waste of time if follower growth is stagnant. If you do not have many followers but are making great sales despite this, social media growth may not be a significant concern for you. But you might do even better if you increase engagement. Conversely, if you have a lot of followers with few sales, this is something you need to note. Try new types of posts to see if you can grow your following and sales. If all else fails, it may be time to invest in social media marketing to raise your brand awareness.
Another handy metric all marketers should be tracking is how much time individuals spend on their website. This data will give you a good indication of how many visitors are truly interested in your products and services versus how many are just stopping by. Typically, people who spend long periods of time on your site are most likely interested in making a purchase soon. You can use this information to create coupons, targeted ads, limited-time deals, and other promotions. Over time, this metric will help you boost sales. Tracking this metric will also help you identify low-performing pages so you can optimize them for better results.
While this may seem like a no-brainer, many marketers do not track ROI as well as they should. Doing so is the best way to determine which marketing methods are working, which need to be revamped, and which need to ended. This is a very important marketing metric because it illustrates exactly how much you're spending on marketing and how much money you're making on the various methods of marketing in your portfolio.
Although some companies ignore the value of Instagram stories, tracking their views can help you enhance engagement and drive sales. Tracking this metric allows you to determine whether posting Instagram stories drive sales or if you need to rethink and try another Instagram content strategy.
Overall, there are plenty of metrics you can track to ensure you are working towards your goals. Any metrics that allow you to gain a deeper insight into buyer behaviors, sales and traffic is a metric you should track regularly.
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